South African fintech AIP Stitch announced Thursday, October 28, that it had raised USD 2 million for its expansion project in Nigeria. The roundtable was led by Firstminute Capital, CRE, Village Global, 500 Fintech, and Future Africa, among others.
The South African start-up got an additional $ 2 million for its funding round after raising $ 4 million earlier this year, bringing its total funding round to $ 6 million.
Stitch will launch with a transparent and token bank payment offering to help Nigerian businesses and fintechs improve their user experience, eliminate fraud, and lower fees associated with alternative payment methods.
“We are very excited to launch into Nigeria today, with the support of some of the world’s most incredible fintech founders and operators. Nigeria is one of the most active markets on the continent, if not the world, for fintech. The opportunity we see here is endless, ”said Kiaan Pillay, co-founder and CEO of Stitch.
Our goal, he underlines, is to become the essential partner of all companies that create financial products in Africa.
In addition, the company also appointed Benjamin Dada as country manager to lead the expansion in Nigeria.
Founded by Kiaan Pillay, Natalie Cuthbert and Priyen Pillay, Stitch aims to provide full API access to financial accounts across Africa from its first store, South Africa. Its API allows developers to connect applications to financial accounts.
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